How Stavely Minerals Doubled Its Copper-Gold Resource and What’s Next?

A Major Leap in Resource Size

Stavely Minerals Limited has delivered a significant boost to its flagship Stavely Copper-Gold Project in western Victoria, announcing an updated Mineral Resource Estimate (MRE) that more than doubles the tonnage to 60 million tonnes at 0.58% copper equivalent. This upgrade incorporates metallurgical recovery-adjusted credits for gold and silver, culminating in a resource containing approximately 280,000 tonnes of copper, 170,000 ounces of gold, and 5.4 million ounces of silver.

Compared to the 2022 estimate, the tonnage has surged by 113%, with contained copper rising 31%, gold by 67%, and silver by 69%. Notably, a majority of the contained metals, between 58% and 63%, are classified within the higher-confidence Indicated Resource category, underscoring the project's advancing maturity.

Driving Factors Behind the Upgrade

The primary catalyst for this substantial increase is the rise in metals prices, which has allowed Stavely to economically classify previously unclassified low-grade mineralisation within the updated open pit optimisation. The inclusion of this material reflects a more comprehensive capture of the deposit’s potential, particularly at the Thursday’s Gossan prospect, which remains the project's core focus.

Stavely has completed an additional open pit optimisation using consensus metals prices, which constrains a portion of the resource at a notional strip ratio of approximately 2.5:1. This optimisation captures 34 million tonnes at 0.74% copper equivalent, containing 190,000 tonnes of copper, 110,000 ounces of gold, and 3.6 million ounces of silver, with a strong proportion classified as Indicated Resources.

Scoping Study and Production Outlook

Building on this resource update, Stavely is progressing a 2026 Scoping Study aimed at evaluating a 3 million tonnes per annum processing operation. The study anticipates producing around 20,000 tonnes per annum of copper-equivalent concentrate, supporting a potential mine life exceeding 10 years. This production profile aligns with the company’s strategic vision and provides a tangible development pathway.

Metallurgical testwork has been encouraging, indicating that an 18% copper concentrate grade is achievable without penalties from smelters, which currently accept such grades due to market tightness. This approach offers improved recoveries and throughput, offsetting higher transport costs associated with a lower concentrate grade.

Strategic Implications and Market Positioning

Executive Chair and Managing Director Chris Cairns highlighted the project's exceptional leverage to rising copper prices, positioning Stavely as a compelling investment for those bullish on copper’s medium to long-term outlook. He emphasised that the forthcoming Scoping Study will provide critical financial metrics such as cash flow, net present value (NPV), and internal rate of return (IRR), which are essential for market valuation and investor confidence.

While the company acknowledges risks related to permitting and funding, the updated resource and ongoing technical studies mark a pivotal step in de-risking the project and enhancing its attractiveness to potential partners and financiers.

Looking Ahead

The Scoping Study is on track for delivery before mid-2026, setting the stage for subsequent feasibility studies and potential resource-to-reserve conversion. Stavely’s comprehensive approach, combining resource expansion, metallurgical optimisation, and economic evaluation, underscores its commitment to advancing the Stavely Copper-Gold Project towards production.